A recent report published by Infinium Global Research on Implantable drug delivery devices market provides an in-depth analysis of segments and sub-segments in global as well as regional Implantable drug delivery devices market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional Implantable drug delivery devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global Implantable drug delivery devices market. According to the report the global Implantable drug delivery devices market is projected to grow at a CAGR of 6.22% over the forecast period of 2018-2024.
The global implantable drug delivery devices market is set to experience substantial growth over the forecast period. Primarily driven by increasing population, rise in the number of cancer cases, a growing number of cardiology, ophthalmology abnormalities, the trend of contraception and technological advancements. On the other hand, the risk of infection, risk of overdose/under-dose due to the technical difficulty of the devices, the high cost will likely to restrain the growth of the market. Merger and acquisition activities among leading service providers will enlighten the opportunities for the same market for the growth over the forecast period. The global implantable drug delivery devices market was worth USD 13,499.43 million in 2017 and it is projected to reach USD 20,589.07 million in 2024, expanding at a CAGR of 6.22% between 2018 and 2024.
According to the World Health Organization (WHO), around 30% of the deaths occurred from cardiovascular disease (particularly from coronary heart disease) across worldwide and the number of cases has been rapidly growing. In addition, the worldwide prevalence of glaucoma varies from 2% to 6%, (found highest in South Africa). In South Korea, the prevalence of glaucoma has been increased by 54% between 2008 and 2013.
Furthermore, the rising number of cancer cases is another factor that propels the growth of the implantable drug delivery devices market. According to GLOBOCAN, the incidence of cervical cancer is significantly high in the North America region as compared to the Asia-Pacific region. But high diagnosis and treatment rate of cervical cancer in North America region lower the rate of growth of cervical cancer cases in North America. On the other hand, low cervical cancer screening rate in the Asia-Pacific region leads to the rapid increment of cases of cervical cancer in the Asia-Pacific region.
The rising number of coronary heart diseases, glaucoma, cancer cases across worldwide will primarily drive the demand of the global implantable drug delivery devices market.
The report on global Implantable drug delivery devices market covers segments such as product type, technology, and applications. On the basis of product type the global Implantable drug delivery devices market is categorized into the coronary drug-eluting stent, bio-absorbable stent, implantable contraceptive devices, implantable intraocular devices, drug infusion pumps, and brachytherapy seeds. On the basis of technology the global Implantable drug delivery devices market is categorized into bio-degradable, non-biodegradable and smart pills. On the basis of applications the global Implantable drug delivery devices market is categorized into ophthalmology, cardiology, contraceptive, oncology, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, Latin America and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. North America accounted for the largest market share in the global market in 2016 and 2017. In 2017, the market size of North America implantable drug delivery devices market was USD 4,993.61 million and it is anticipated to reach USD 7,589.13 million in 2024. The growth in the region is mainly driven by an increasing number of cardiology, ophthalmology, abnormalities, a growing number of cancer cases in North America region. Asia-Pacific is expected to grow at the highest CAGR of 6.57% over the forecast period. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the global Implantable drug delivery devices market such as Allergan, Boston Scientific Corporation, Bayer AG, Alimera Sciences, Eyepoint Pharmaceuticals, Merck & Co., Inc, Abbott, Valeant Pharmaceuticals and Medtronic.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global Implantable drug delivery devices market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of Implantable drug delivery devices market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the Implantable drug delivery devices market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the Implantable drug delivery devices market to understand the present and future trends in this market and formulate their strategies accordingly.
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